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April 20, 2015

Quicken Loans Sues DOJ; Claims ‘Political Agenda’ Driving Pressure to Settle

Quicken Loans Inc. sued the U.S. Department of Housing and Urban Development and the Justice Department on Friday, saying in its complaint that the company is “fed up” with being pressured to settle over wrongdoing it didn’t commit.

Quicken alleges it is the current focus of a “political agenda under which the DOJ is ‘investigating’ and pressuring large, high-profile lenders into paying nine- and 10-figure sums by publicly ‘admitting’ wrongdoing.”

The lender reportedly risked facing a federal lawsuit unless it paid damages based on a spot-sampling of its loans, as well publicly state that its lending practices were “significantly flawed” and that it engaged in fraud under the False Claims Act.

Read the full story here.

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